A. Suppose that your financial advisor claims that he has a success rate of 30% for picking a winning stock. He asks you to buy any out of 8 stocks that he recommends.
1. What is the probability of you picking one winning stock out of 8 recommended stocks?
2. What is the probability of you picking two winning stocks out of 8 recommended stocks?
3. What is the probability of you picking three or four winning stocks out of 8 recommended stocks?
B. Assume that the population mean age of DePaul MBA students is 29 and the population standard deviation is 3.
1. What is the probability of finding an MBA student whose age is less than 34?
2. What is the probability of finding an MBA student whose age is between 27 and 33?
C. Assume that you took a sample of 5 students (out of many possible students) in Dr. Choi's class and found that their ages were: 25, 30, 28, 31, and 26.
1. What is the standard deviation of this sample data?
2. What is the degree of freedom to be used for this data set?
3. Given the population mean of 25, the sample standard deviation of 4, and the degree of freedom of 10, what is the probability of finding a student whose age is between 29.3724 and 33.9124?